Q4 Earnings Estimate for PRIM Issued By KeyCorp

Primoris Services Co. (NASDAQ:PRIM) – Equities researchers at KeyCorp issued their Q4 2024 EPS estimates for shares of Primoris Services in a research note issued on Tuesday, December 10th. KeyCorp analyst S. Jain forecasts that the construction company will post earnings per share of $0.74 for the quarter. KeyCorp has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share. KeyCorp also issued estimates for Primoris Services’ FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

A number of other research firms also recently issued reports on PRIM. JPMorgan Chase & Co. began coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. The Goldman Sachs Group raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $86.00.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $79.68 on Thursday. Primoris Services has a 52 week low of $30.94 and a 52 week high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 26.38 and a beta of 1.12. The firm has a fifty day moving average of $72.67 and a two-hundred day moving average of $60.15.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company earned $1.02 EPS. Primoris Services’s revenue for the quarter was up 7.8% on a year-over-year basis.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is currently 10.60%.

Insider Activity

In related news, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,018 shares of company stock worth $3,336,224. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Marshall Wace LLP bought a new stake in shares of Primoris Services in the 2nd quarter worth $28,089,000. Summit Partners Public Asset Management LLC increased its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares in the last quarter. Victory Capital Management Inc. raised its position in Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after buying an additional 327,412 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after acquiring an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP bought a new position in Primoris Services during the 2nd quarter valued at about $9,584,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.